BIRMINGHAM, Alabama -- In a report to the Birmingham Board of Education, Chief Financial Officer Arthur Watts projected Tuesday that Birmingham City Schools will have between $19 million and $20 million in reserve at the end of the 2014 fiscal year Sept. 30.

The projected fund balance exceeds the $16.2 million needed to achieve the one-month operating reserve required by the state. It is the last major hurdle for the urban school system to free itself from state intervention, he said.